The Algerian Energy Ministry said that the country would extend its voluntary oil production cut of 51,000 barrels per day for the second quarter of the year. The Omani Energy Ministry said, in turn, that the country would extend the reduction in oil production by 42,000 barrels until the end of June.
The Iraqi Ministry of Oil also announced that the country had extended its oil production cut of 220,000 barrels, the Iraqi News Agency reported. Emirati news agency WAM reported that the UAE had decided to extend an additional voluntary reduction in oil production by 163,000 barrels per day.
On Sunday, Saudi Arabia, Russia and Kazakhstan also announced their decision to extend their voluntary oil production cuts in coordination with OPEC+ partners until the end of the second quarter of this year to maintain oil prices.
On February 1, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) recommended keeping oil production quotas unchanged. The next JMMC meeting will take place on April 3.
OPEC stands for the Saudi-led Organization of the Petroleum Exporting Countries, which has 12 member nations in all. OPEC+ constitutes a larger alliance of this grouping, where the OPEC members are joined by another 10 oil producing countries steered by Russia.